Not For Profit/Exempt Organizations Blog

Tag Archives: 403(b)

IRS Announces Relief from the “Once-In-Always-In” Requirement for Excluding Part-Time Employees Under 403(b) Plans

By Steven Einhorn and Caroline Cima on Posted in IRS
Last week, the IRS released Notice 2018-95 to provide transition relief to 403(b) plans that improperly excluded certain employees.  Specifically, Notice 2018-95 targets employers that may have erroneously excluded part-time employees from eligibility to make elective deferral when the employees should have been eligible to participate under the “once-in-always-in” requirement (“OIAI”).  According to the OIAI … Continue Reading

Recent IRS Guidance Concerning 403(b) Plans

By Lisa A. Berkowitz Herrnson on Posted in IRS Filings
Correction of Plan Errors Final Internal Revenue Code Section 403(b) regulations which became effective January 1, 2009 require that plan sponsors adopt written 403(b) Plan documents.  A 403(b) Plan is a form of defined contribution retirement plan that may only be offered by employers that are tax-exempt entities under Section 501(c)(3) of the Internal Revenue … Continue Reading
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